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FRIEDRICH VON HAYEK. Austrian-British economist Rapper extraordinaire. Facts. Was opposed to the theories of J.M. Keynes Shared the Nobel Memorial Prize in Economic Sciences with Gunnar Myrdal, 1974 Served in WWI for the Austro-Hungarian army

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Friedrich von hayek

FRIEDRICH VON HAYEK

Austrian-British economist

Rapper extraordinaire


Facts

  • Was opposed to the theories of J.M. Keynes

  • Shared the Nobel Memorial Prize in Economic Sciences with Gunnar Myrdal, 1974

  • Served in WWI for the Austro-Hungarian army

  • Founded and served as director of the Austrian Institute for Business Cycle Research

  • Was awarded the Presidential Medal of Freedom by George H. W. Bush


Hayek vs. World

1899-USA ratifies peace treaty with Spain

1919-End of WWI

1929-Stock Market Crashes

1949-China becomes Communist

1969-First man on the moon

1989-Fall of the Berlin Wall

1992-Cold War ends

Would not want the Government to bail out or get involved with businesses!!!


Economic Theory

Created a FREE PRICE SYSTEM in which the economy is governed by price instead of by individuals


QUOTE

“I do not think it is an exaggeration to say history is largely a history of inflation, usually inflations engineered by governments for the gain governments.”

–Friedrich August Von Hayek

“Keynes was not a highly trained or very sophisticated economic theorist”



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